Consumers' Federation of Australia

10 December , 2019

ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers

Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission. Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

10 December , 2019

Financial Counselling Australia welcomes ban on unsolicited telephone selling

Financial Counselling Australia welcomes the implementation of a ban on unsolicited telephone sales of life insurance and consumer credit insurance sold without personal advice. ASIC announced that the ban will come into effect on January 13, 2020. In the experience of financial counsellors, who work with people in financial hardship, unsolicited telephone selling targets vulnerable consumers. The…

9 December , 2019

Subscribers to the Customer Owned Banking Code of Practice need to focus on improved customer service delivery

The Customer Owned Banking Code Compliance Committee (the Committee) is pleased to release its Annual Report 2018-19. The Annual Report demonstrates how subscribers to the Customer Owned Banking Code of Practice (the Code) have met their compliance obligations, managed Code breaches and responded to customer complaints throughout the year. It provides an overview of the Committee’s work during…

6 December , 2019

Australian Consumer Law collaboration benefits consumers

Consumer regulators have today released a report on their collaborative efforts in administering the Australian Consumer Law (ACL) over the last twelve months. The report shines a light on some of the key policy, education and enforcement activities undertaken by the members of Consumer Affairs Australia and New Zealand (CAANZ) during the 2018-19 financial year,…

6 December , 2019

New Australian Legal Register will Safeguard Consumers

The Legal Services Council (LSC) is pleased to announce the launch of a new Register that consumers can use to easily check the details of legal practitioners in NSW and Victoria. The Australian Legal Profession Register is now available via the Legal Services Council website. The Australian Legal Profession Register is a first contact point…

5 December , 2019

Reports lead to concern about banks’ breach reporting as they transition to the 2019 Code

Two key reports released on Friday by the Banking Code Compliance Committee (BCCC) contain important findings for the industry, including: Significant concerns about the reporting of breaches under the 2013 Code of Banking Practice during 2018-19. Banks will need to continue ongoing efforts in order to meet the BCCC’s expectations and the higher standards of…

4 December , 2019

Victorian Government’s class action changes promote corporate accountability

The Victorian Government’s proposed changes to class action rules should enable greater access to justice and promote corporate accountability, according to Consumer Action Law Centre. The Justice Legislation Miscellaneous Amendments Bill 2019, introduced to state parliament this week, will reduce barriers to class actions by allowing lawyers to receive a ‘contingency fee’, a fee that is calculated as…

4 December , 2019

ACCC Deputy Chair Delia Rickard provides address to CFA’s annual general meeting

In her address, Delia Rickard noted that issues raised by consumer organisations with the ACCC commonly form part of its priorities for compliance and enforcement. Delia noted that consumer groups have recently raised issues such as funeral services, debt collection, product safety and sustainability which will be considered for future priorities. Other trends and issues identified by…

3 December , 2019

FCA Welcomes Gambling Self-Exclusion Register

Financial Counselling Australia welcomes the bill to establish the National Online Gambling Self-Exclusion Register. The Bill was introduced this week in Federal Parliament by the Minister for Communications, the Hon. Paul Fletcher. The register means that people experiencing harm can press one button and self-exclude from all the online wagering companies. With that single trigger, the wagering operators…

29 November , 2019

ACMA recommends immediate action to combat scams

The Australian Communications and Media Authority (ACMA) has released its Combating Scams report which recommends new enforceable obligations on telcos and the immediate commencement of trials for a number of scam reduction initiatives. The trials aims to reduce common phone scams such as malicious ‘spoofing’, where scammers disguise their number to make it look like…

27 November , 2019

Consumer representatives report back

Consumer representatives nominated or supported by CFA have written a short report on their activities over the past year. All consumer representatives, whether or not nominated by CFA or representing CFA, are accountable to the consumers whose interests they represent. They have a duty to stay informed about consumers’ interests and how the body to…

26 November , 2019

20,000 Australians demand the end of unfair insurance

“Stand up to the insurance lobby” – that’s the message of leading consumer groups as they deliver signatures of over 20,000 Australians to Parliament House in Canberra. The groups anticipate the Federal Government to act on “Unfair Contract Terms” laws this fortnight, closing a damaging loophole that has allowed insurance companies to profit by using…